// Micro investments platform Bamboo has been bought by Digital Capital Management…
We have previously reported on the growth of Perth-based micro investments company Bamboo, from when they first launched their app in 2019, to their expansion into gold and silver investment opportunities a few months later.
The company, which aims to allow anyone to purchase digital assets (such as gold and bitcoin) has reached another important milestone and opportunity for growth, having been acquired by a group of Perth-based investors led by investment fund manager, Digital Capital Management (DCM).
Partnerships for growth
DCM has been interested in the rapidly transforming digital currency sector, and will now look to assist Bamboo’s growth, focussing on product development, distribution and expansion into new markets.
Additionally, digital currency exchange group, Mine Capital joined Bamboo by investing in the company and the CEO, Grant Colthup has joined the Board of Directors.
This strategy allows Bamboo to partner with Australia’s fastest growing digital currency exchange, providing opportunities to expand access to Australia’s most competitive cryptocurrency providers.
The Bamboo team has also added over 20 banks (such as Australian Super and Citibank) to the Bamboo app, giving customers a wider variety of additional connection options.
With COVID-19 creating increased turbulence in financial markets, in addition to accelerating the transition towards a cashless society, the investments that Bamboo currently offers have been on the move.
For example, according to data from Yahoo Finance (performance from 1 Jan – 16 Aug 2020), Ethereum, the second largest decentralised cryptocurrency (second only to Bitcoin) price grew 226%.
Not surprisingly, the gold price – traditionally viewed as a safe haven to shelter wealth during economic uncertainty – rose 23.7%.
In other news, Bamboo was recently nominated for an award from the A’Design Award & Competition 2021.
Exploring new markets
The Bamboo team has also announced they are accepting expressions of interest for regional partners who seek to explore opportunities in other jurisdictions.
For more information, check out the Bamboo team’s Medium post.
The Bamboo app is free to download here:
MAIN IMAGE: Worldspectrum from Pexels.